PART IIIF5 CAPITAL GAINS FROM LAND
CHAPTER IF4 DEVELOPMENT GAINS FROM LAND
See— Development Land Tax Act 1976 (c. 24), s. 35—Development Land Tax—which terminates, subject to ss. 36, 37and 38(3),the taxation of development gains accruing on and after 1August 1976. Development Land Tax Act 1976 (c. 24),repealed byFinance Act 1985 (c. 54, SIF 63:1), ss. 93, 98(6)and Sch.27 Part X. Finance Act 1985 (c. 54, SIF 63:1), s. 93(6)—abolished with effect from 19MarchFinance Act 1985 (c. 54, SIF 63:1), .
39Exemption or relief for small disposals.
F11
Where the amount of chargeable gains that would, apart from this subsection, be a person’s development gains for any chargeable period does not exceed—
a
in the case of an individual or the personal representatives of a deceased person as such, £10,000; or
b
in the case of a company or the trustees of a settlement, £1,000,
no part of those chargeable gains shall be development gains; and where that amount exceeds the limit applicable to that person under paragraph (a) or (b) above only so much of that amount as exceeds the limit shall be development gains.
2
For the purposes of this section a man and his wife living with him shall be treated as one individualF1.
4
Where two or more persons carry on a trade or business in partnership, then, for the purposes of this section—
a
b
a change in the persons carrying on the trade or business shall be disregarded if, assuming an election under section 154(2) of the Taxes Act to have been duly made, the trade or business would not by virtue of section 154(1) of that Act be treated as discontinued by reason of the change; and
F35
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Ss. 38–47 repealed Finance Act 1985 (c. 54, SIF 63:1), s. 98(6), Sch.27 Part X in relation to disposals of interests in land taking place on or after 19 March Finance Act 1985 (c. 54, SIF 63:1), but without affecting the construction of Capital Gains Tax Act 1979 (c. 14, SIF 63:1) Sch.5 para. 9(5).